According to reports on Wednesday, Apple approached McLaren with a view to acquiring the supercar manufacturer and Formula One team majority owner. However, McLaren says it’s not happening.
The Financial Times‘ sources claimed talks had taken place regarding a $1.5 billion acquisition or a strategic investment in the P1 maker. The McLaren Technologies Group moved swiftly to deny reports talks are ongoing.
“We can confirm that McLaren is not in discussion with Apple in respect of any potential investment,” the company said in a statement that doesn’t mention whether talks ever took place.
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Apple’s rumored play would provide yet more insight into Cupertino’s automotive ambitions.
The company’s so-called Project Titan is believed to be working towards top-secret electric and self-driving cars.
Apple has poached many of the top minds in the industry as it builds a team capable of rivaling the likes of Telsa and Google.
However, earlier this month reports claimed the project had been ‘scrapped’ with dozens of staff laid off.
Historically, the company’s acquisitions have been more discreet, focusing on little-known start-ups.
However, that changed two years ago when the firm forked out $3 billion to acquire the Beats Audio company, perhaps setting a precedent for future moves.
With massive stockpiles of cash on hand and quarterly profits $7.8 billion reported in June, handing over $1.5 billion for McLaren would do little damage to Apple’s coffers.
Naturally, Apple is yet to comment, but that doesn’t mean you can’t. Share your thoughts below.
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Editorial independence means being able to give an unbiased verdict about a product or company, with the avoidance of conflicts of interest. To ensure this is possible, every member of the editorial staff follows a clear code of conduct.
Professional conduct
We also expect our journalists to follow clear ethical standards in their work. Our staff members must strive for honesty and accuracy in everything they do. We follow the IPSO Editors’ code of practice to underpin these standards.
